The market is up 67. The SFE Futures were up 63 this morning.

The Dow Jones closed up 193 overnight. The Dow was up 214 at best and up 1 at worst. The S&P 500 gained 2.1% to reach its highest level since May 12. The ISM Service Index rose unexpectedly in September for its ninth straight month of growth. The gold price reached another record high, up $23.50 to $1340.30 and the oil price gained $1.35 to $82.82. The Aussie dollar increased to 97.14c.

Today’s main points…

  • The Sydney Morning Herald reported this morning the $120bn iron ore JV between Rio Tinto (RIO) and BHP Billiton (BHP) was “dead”. Rio denies the report announcing they have still not made decision. RIO up 2.25% target price 7873c.
  • Aevum (AVE) is seeking to finalise its agreement with Stockland Group (SGP) in regards to SGP’s revised $319.7m takeover offer. SGP has so far acquired 55% of AVE shares and has extended the offer until October 13. AVE in trading halt, SGP up 1.02%.
  • Fortescue Metals (FMG) announced that all disputes between them and shipping companies over iron ore contracts suspended during the GFC have been settled. FMG up 2.6% to 538c.
  • The Wall Street Journal reports that hopes of a Chinese takeover offer for Potash are fading. Potash’s is are now trading at $142 a share, above BHP’s $130 a share offer.
  • Ammtec Ltd (AEC) directors have accepted Campbell Brothers’ (CPB) revised takeover offer. AEC up 0.76%, CPB up 1.03%.
  • The AFR reports that Optus is in advanced talks to transfer its half a million cable customers to the proposed NBN.
  • New Zealand exchange operator NZX Ltd is expected to offer the world’s first cash-settled milk powder futures contract later this week.
  • OceanaGold (OGC) has completed their $15m Canadian equity raising. OGC down 1.81%.
  • Photon Group (PGA) plans to sell, close down or merge 11 of its businesses before the end of the year. PGA unchanged at 8.5c.
  • Becton (BEC) announce they will sell their Funds Management business to 360 Capital Group. BEC up 7.1% to 4.5c.
  • Stocks hitting fresh yearly highs today include: AGL Energy, AWB, Lynas Corp, Newcrest Mining, Super Cheap Auto and The Reject Shop.

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